Top Left Header
Header
Go Home
Business
Arrow
Follow OurHometown.ca on... Follow Us on Facebook Follow Us on Twitter Follow us on RSS Follow Us with E-Mail Updates!
One Size Doesn’t Fit All
By Lorne Wiebe
OurHometown.ca

One Size Doesn’t Fit All
If you run your own business, you know that it’s unique. Not all restaurants, for example, serve the same food to the same people during the same hours in the same neighbourhood. Some offer take out while others don’t. Some only serve breakfast and lunch while others only serve dinner. And so it goes with whatever type of business you operate and that’s why it’s critically important that your insurance broker fully understands the full scope of your operation.
PHOTO CREDIT - OurHometown.ca

Ottawa - February 25, 2013 - If you run your own business, you know that it’s unique. Not all restaurants, for example, serve the same food to the same people during the same hours in the same neighbourhood. Some offer take out while others don’t. Some only serve breakfast and lunch while others only serve dinner. And so it goes with whatever type of business you operate and that’s why it’s critically important that your insurance broker fully understands the full scope of your operation. If they don’t, they won’t be able to ensure that your business exposures are properly covered. If your broker doesn’t know your business, the consequences can be serious.

For example, it’s possible that a food manufacturer doesn’t have insurance to cover the cost of having to recall a defective product that it has shipped to market. It’s possible that a contractor which operates at an airport doesn’t have coverage for any business it conducts at the airport. And it is also possible that a wholesaler which exports a good chunk of its products to the U-S doesn’t have any insurance coverage for that arm of its business. How do I know that these scenarios are all possible? Because these are just a few of the real-life situations I’ve discovered as I’ve been reviewing the existing insurance policies of potential customers.

Unfortunately, the business owners in all of these cases had no idea that there were gapping holes in their policies. When I asked them if their insurance broker fully understood their business operation, each of them admitted that they probably didn’t.

The blame here lies mostly at the feet of the brokers who do not dig deep enough when they meet with their clients. Does your broker know your business?

Every time you meet with your broker (and it should be at least a couple of times a year) he or she should be asking you a lot of questions. Are your business revenue projections still on track? Have you been hiring or reducing your workforce? Is your business providing any new services or products and conversely, has it withdrawn any from the marketplace? What are your future plans? Has your business’s online activity changed? All of these questions and about a dozen more should be a part of your typical broker conversation.

In the cases above, if the broker knew that the contractor had taken on work at an airport and that the wholesaler had begun exporting products to the U-S, they could have easily found coverage, however either the broker didn’t ask or their client didn’t think it was important for them to know. It really all comes down to the relationship that you have with your broker. That’s one of the reasons why Rhodes & Williams Ltd has a formal “Client Service Plan” which includes a mid-year client review. The free flow of information and advice throughout the year is a pretty good litmus test on how your broker relationship is going. If you don’t hear from your broker except when they want money at renewal, it’s time to find someone else.

Presented here is a general article about insurance. The discussion is general in nature, and does not constitute insurance advice. This is not intended to be a description of coverage, and does not include details of the coverage nor the terms, conditions, qualifications, limitations and exclusions applicable. Policies should be reviewed in their entirety and related to your specific operations. Many insurers permit changes (Changes to insurance policies are usually called "endorsements" or "riders") in their limitations or exclusions to match your specific requirements. As insurance advice must be tailored to the specific circumstances of each situation, nothing provided herein should be used as a substitute for the advice of a competent insurance broker. IN NO EVENT WILL RHODES & WILLIAMS LIMITED BE LIABLE FOR ANY DAMAGES WHATSOEVER, INCLUDING SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, ARISING OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF THE INFORMATION PRESENTED IN THIS DOCUMENT.


Follow Me on TwitterLorne Wiebe is a well known former Cornwall broadcaster. Even though he now calls Ottawa his home, he has a special affinity for Cornwall and SD and G. He now works at Rhodes & Williams Insurance Ltd. and partners with the local business community to help them deal with their day to day risks. If you have questions or wish to contact Lorne, you can email him at Lornew@rhodeswilliams.com


Follow OurHometown.ca on... Follow Us on Facebook Follow Us on Twitter Follow us on RSS Follow Us with E-Mail Updates!
Send Us Your Thoughts


Title - Story Count
7,741 Stories & Growing Daily...

To date OurHometown.ca has posted a total of 7,741 stories! News, sports, hockey, lifestyle, opinion and more!

Be sure to check out our Contributors and Columnists archives!

Dubnyk was nothing more than adequate for the Edmonton Oilers in 2013

Title - More OH Headlines
Click on Photo or Story Title for more info
An overview of the East Asia - North American Trade and How it Grew
The Evolving Pollution Insurance Exposure
What’s Your Biggest Fear?
A New Year and New Risks
Your Most Valuable Contract of the Year
OurHometown.ca News Database Last Updated:
Mar. 27, 2018 @ 12:24 PM EDT








Footer
Free Sitemap Generator